The home mortgage debt of households and nonprofit organizations amounted to approximately 13.3 trillion U.S. dollars in the first quarter of 2024. Mortgage debt has been growing steadily since 2014, when it was less than 10 billion U.S. dollars and has increased at a faster rate since the beginning of the coronavirus pandemic due to the housing market boom. Home mortgage sector in the United States Home mortgage sector debt in the United States has been steadily growing in recent years and is beginning to come out of a period of great difficulty and problems presented to it by the economic crisis of 2008. For the previous generations in the United States, the real estate market was quite stable. Financial institutions were extending credit to millions of families and allowed them to achieve ownership of their own homes. The growth of the subprime mortgages and, which went some way to contributing to the record of the highest US homeownership rate since records began, meant that many families deemed to be not quite creditworthy were provided the opportunity to purchase homes. The rate of home mortgage sector debt rose in the United States as a direct result of the less stringent controls that resulted from the vetted and extended terms from which loans originated. There was a great deal more liquidity in the market, which allowed greater access to new mortgages. The practice of packaging mortgages into securities, and their subsequent sale into the secondary market as a way of shifting risk, was to be a major factor in the formation of the American housing bubble, one of the greatest contributing factors to the global financial meltdown of 2008.

The home mortgage debt of households and nonprofit organizations amounted to approximately 13.46 trillion U.S. dollars in the first quarter of 2025. Mortgage debt has been growing steadily since 2014, when it was less than ten billion U.S. dollars and has increased at a faster rate since the beginning of the coronavirus pandemic due to the housing market boom. Home mortgage sector in the United States Home mortgage sector debt in the United States has been steadily growing in recent years and is beginning to come out of a period of great difficulty and problems presented to it by the economic crisis of 2008. For the previous generations in the United States, the real estate market was quite stable. Financial institutions were extending credit to millions of families and allowed them to achieve ownership of their own homes. The growth of the subprime mortgages and, which went some way to contributing to the record of the highest US homeownership rate since records began, meant that many families deemed to be not quite creditworthy were provided the opportunity to purchase homes. The rate of home mortgage sector debt rose in the United States as a direct result of the less stringent controls that resulted from the vetted and extended terms from which loans originated. There was a great deal more liquidity in the market, which allowed greater access to new mortgages. The practice of packaging mortgages into securities, and their subsequent sale into the secondary market as a way of shifting risk, was to be a major factor in the formation of the American housing bubble, one of the greatest contributing factors to the global financial meltdown of 2008.

The Italian mortgage market has grown substantially since 2014, with the value of mortgages outstanding increasing by about 62 billion euros until 2024. In the first quarter of 2014, the value of mortgages outstanding amounted to 359 billion euros and in the second quarter of 2024, it exceeded 421 billion euros. Mortgage interest rates in Italy The mortgage interest rates in Italy decreased significantly, falling to record lows, before rising dramatically in 2022. The period of decline in mortgage interest rates probably helped revive the residential real estate market in the country, which suffered after the financial crisis of 2008. In fact, the number of transactions in the sector increased steadily since 2013. A regional overview In some areas of the country, the residential real estate market appears to be more dynamic than in others. In fact, in 2022, the North-West of Italy accounted for more than one third of all transactions in the sector. When looking closely at the single regions, Lombardy was the most active, with more than 165,000 transactions registered. The second most prolific market was found in the region of Lazio, which recorded approximately 77 thousand transactions.

The mortgage debt service ratio in the United States remained fairly stable in 2024, after recovering from a dip in 2020 and 2021. The ratio measures the mortgage debt service payments as a percentage of disposable personal income during a specific quarter and shows the financial burden placed on households by mortgage borrowing. In the fourth quarter of 2024, the total required mortgage payments amounted to approximately **** percent of disposable personal income. This was substantially lower than the spike recorded during the subprime mortgage crisis.

Despite a short period of decrease after the burst of the U.S. housing bubble and the global financial crisis, the total amount of mortgage debt in the United States has been on the rise in recent years. In 2024, the mortgage debt amounted to 20.83 trillion U.S. dollars, up from 13.5 trillion U.S. dollars a decade ago. Which factors impact the amount of mortgage debt? One of the most important factors responsible for the growth of mortgage debt is the number of home sales: The more home transactions, the more mortgages are sold, adding to the volume of debt outstanding. Additionally, as house prices increase, so does the gross lending and debt outstanding. On the other hand, high numbers of housing unit foreclosures and mortgage debt restructuring and short-sales can reduce mortgage debt. Which property type has the largest share of the mortgage market? The total mortgage debt includes different property types, such as one-to-four family residential, multifamily residential, commercial, and farm, but the overwhelming share of debt can be attributed to mortgage debt one-to-four family residences.

Graph and download economic data for Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks (DRSFRMACBS) from Q1 1991 to Q1 2025 about domestic offices, delinquencies, 1-unit structures, mortgage, family, residential, commercial, domestic, banks, depository institutions, rate, and USA.

The average balance of assets in form of credit in the Spanish banking system was lower in 2023 than in the previous year. The highest total value of lending in the Spanish banking system was registered in 2008, at roughly 2.4 trillion euros. In June 2023, Unicaja was the major Spanish bank with the highest non-performing loan ratio.

Better lending practices In response to the economic crisis, stricter financial regulations were implemented in EU countries and the household debt in Spain declined to more sustainable levels. These and other factors resulted in healthier performances within the Spanish banking sector and its lending practices, as several indicators demonstrate. The loan-to-deposit ratio (LTD), which measures the liquidity of a bank through the ratio of the funds it has in its deposits to the volume of loans granted to customers, fell from 150 percent in 2011 to roughly 101 percent in 2023. In addition, the non-performing loans (NPL) to total gross loans ratio has also fallen significantly from 2013 to 2022.

A country of homeowners The remarkable weight of house loans within the lending market derives from the fact that, traditionally, Spain has been a country of homeowners; as of 2019, the home ownership rate was roughly 76 percent. Furthermore, over a fourth of Spanish households own their property with a mortgage or outstanding loans. Nevertheless, the number of house loans have remained relatively low in the past decade in comparison to the years of the housing bubble.

The US residential real estate market, a cornerstone of the American economy, is projected to experience steady growth over the next decade. While the provided CAGR of 2.04% is a modest figure, it reflects a market maturing after a period of significant expansion. This sustained growth is driven by several key factors. Firstly, population growth and urbanization continue to fuel demand for housing, particularly in densely populated areas and emerging suburban markets. Secondly, low interest rates (historically, though this can fluctuate) have made mortgages more accessible, stimulating buyer activity. Thirdly, a robust construction sector, though facing challenges in material costs and labor shortages, is gradually increasing the housing supply, mitigating some of the upward pressure on prices. However, challenges remain. Rising inflation and potential interest rate hikes pose a risk to affordability, potentially dampening demand. Furthermore, the ongoing evolution of remote work is reshaping residential preferences, with a shift toward larger homes in suburban or exurban locations. This trend impacts the relative demand for various property types, potentially increasing the appeal of landed houses and villas compared to apartments and condominiums in certain regions. The segmentation of the market into apartments/condominiums and landed houses/villas provides crucial insights into consumer preferences and investment strategies. High-density urban areas will continue to see strong demand for apartments and condos, while suburban and rural areas are likely to experience a greater increase in landed property sales. Major players like Simon Property Group, Mill Creek Residential, and others are strategically adapting to these trends, focusing on both development and management across various property types and geographic locations. Analyzing regional data within the US (e.g., comparing growth in the Northeast versus the Southwest) will highlight market nuances and potential investment opportunities. While the global data provided is valuable for understanding broader market forces, focusing the analysis on the US market allows for a more granular understanding of the specific drivers, trends, and challenges within this significant segment of the real estate sector. The forecast period (2025-2033) suggests continued, albeit measured, expansion. Recent developments include: May 2022: Resource REIT Inc. completed the sale of all of its outstanding shares of common stock to Blackstone Real Estate Income Trust Inc. for USD 14.75 per share in an all-cash deal valued at USD 3.7 billion, including the assumption of the REIT's debt., February 2022: The largest owner of commercial real estate in the world and private equity company Blackstone is growing its portfolio of residential rentals and commercial properties in the United States. The company revealed that it would shell out about USD 6 billion to buy Preferred Apartment Communities, an Atlanta-based real estate investment trust that owns 44 multifamily communities and roughly 12,000 homes in the Southeast, mostly in Atlanta, Nashville, Charlotte, North Carolina, and the Florida cities of Jacksonville, Orlando, and Tampa.. Key drivers for this market are: Investment Plan Towards Urban Rail Development. Potential restraints include: Italy’s Fragmented Approach to Tenders. Notable trends are: Existing Home Sales Witnessing Strong Growth.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 percent of the national gross domestic product. The debt-to-GDP ratio In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2024, the estimated national debt of Japan amounted to about 250 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate. Development in China China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

The Global Financial Crisis of 2008-09 was a period of severe macroeconomic instability for the United States and the global economy more generally. The crisis was precipitated by the collapse of a number of financial institutions who were deeply involved in the U.S. mortgage market and associated credit markets. Beginning in the Summer of 2007, a number of banks began to report issues with increasing mortgage delinquencies and the problem of not being able to accurately price derivatives contracts which were based on bundles of these U.S. residential mortgages. By the end of 2008, U.S. financial institutions had begun to fail due to their exposure to the housing market, leading to one of the deepest recessions in the history of the United States and to extensive government bailouts of the financial sector.

Subprime and the collapse of the U.S. mortgage market

The early 2000s had seen explosive growth in the U.S. mortgage market, as credit became cheaper due to the Federal Reserve's decision to lower interest rates in the aftermath of the 2001 'Dot Com' Crash, as well as because of the increasing globalization of financial flows which directed funds into U.S. financial markets. Lower mortgage rates gave incentive to financial institutions to begin lending to riskier borrowers, using so-called 'subprime' loans. These were loans to borrowers with poor credit scores, who would not have met the requirements for a conventional mortgage loan. In order to hedge against the risk of these riskier loans, financial institutions began to use complex financial instruments known as derivatives, which bundled mortgage loans together and allowed the risk of default to be sold on to willing investors. This practice was supposed to remove the risk from these loans, by effectively allowing credit institutions to buy insurance against delinquencies. Due to the fraudulent practices of credit ratings agencies, however, the price of these contacts did not reflect the real risk of the loans involved. As the reality of the inability of the borrowers to repay began to kick in during 2007, the financial markets which traded these derivatives came under increasing stress and eventually led to a 'sudden stop' in trading and credit intermediation during 2008.

Market Panic and The Great Recession

As borrowers failed to make repayments, this had a knock-on effect among financial institutions who were highly leveraged with financial instruments based on the mortgage market. Lehman Brothers, one of the world's largest investment banks, failed on September 15th 2008, causing widespread panic in financial markets. Due to the fear of an unprecedented collapse in the financial sector which would have untold consequences for the wider economy, the U.S. government and central bank, The Fed, intervened the following day to bailout the United States' largest insurance company, AIG, and to backstop financial markets. The crisis prompted a deep recession, known colloquially as The Great Recession, drawing parallels between this period and The Great Depression. The collapse of credit intermediation in the economy lead to further issues in the real economy, as business were increasingly unable to pay back loans and were forced to lay off staff, driving unemployment to a high of almost 10 percent in 2010. While there has been criticism of the U.S. government's actions to bailout the financial institutions involved, the actions of the government and the Fed are seen by many as having prevented the crisis from spiraling into a depression of the magnitude of The Great Depression.

Portugal, Italy, Ireland, Greece, and Spain were widely considered the Eurozone's weakest economies during the Great Recession and subsequent Eurozone debt crisis. These countries were grouped together due to the similarities in their economic crises, with much of them driven by house price bubbles which had inflated over the early 2000s, before bursting in 2007 due to the Global Financial Crisis. Entry into the Euro currency by 2002 had meant that banks could lend to house buyers in these countries at greatly reduced rates of interest.

This reduction in the cost of financing contributed to creating housing bubbles, which were further boosted by pro-cyclical housing policies among many of the countries' governments. In spite of these economies experiencing similar economic problems during the crisis, Italy and Portugal did not experience housing bubbles in the same way in which Greece, Ireland, and Spain did. In the latter countries, their real housing prices (which are adjusted for inflation) peaked in 2007, before quickly declining during the recession. In particular, house prices in Ireland dropped by over 40 percent from their peak in 2007 to 2011.

Rent prices per square meter in the largest Dutch cities have been on an upward trend after a slight decline in 2020. Amsterdam remained the most expensive city to live in, averaging a monthly rent of 27.6 euros per square meter for residential real estate in the private rental sector. Monthly rents in Utrecht were around six euros cheaper per square meter. Both cities were above the average rent price of residential property in the Netherlands overall, whereas Rotterdam and The Hague were slightly below that. Buying versus renting, what do the Dutch prefer? The Netherlands is one of Europe’s leading countries when it comes to homeownership, having funded this with a mortgage. In 2023, around 60 percent of people living in the Netherlands were homeowners with a mortgage. This is because Dutch homeowners were able to for many years to deduct interest paid from pre-tax income (a system known in the Netherlands as hypotheekrenteaftrek). This resulted in the Netherlands having one of the largest mortgage debts across the European continent. Total mortgage debt of Dutch households reached a value of approximately 803 billion euros in 2023. Is the Dutch housing market overheating? There are several indicators for the Netherlands that allow to investigate whether the housing market is overheating or not. House price indices corrected for inflation in the Netherlands suggest, for example, that prices have declined since 2022. The Netherlands’ house-price-to-rent-ratio, on the other hand, has exceeded the pre-crisis level in 2019. These figures, however, are believed to be significantly higher for cities like Amsterdam, as it was suggested for a long time that the prices of owner-occupied houses were increasing faster than rents in the private rental sector.

The foreclosure rate in the United States has experienced significant fluctuations over the past two decades, reaching its peak in 2010 at **** percent following the financial crisis. Since then, the rate has steadily declined, with a notable drop to **** percent in 2021 due to government interventions during the COVID-19 pandemic. In 2024, the rate stood slightly higher at **** percent but remained well below historical averages, indicating a relatively stable housing market. Impact of economic conditions on foreclosures The foreclosure rate is closely tied to broader economic trends and housing market conditions. During the aftermath of the 2008 financial crisis, the share of non-performing mortgage loans climbed significantly, with loans 90 to 180 days past due reaching *** percent. Since then, the share of seriously delinquent loans has dropped notably, demonstrating a substantial improvement in mortgage performance. Among other things, the improved mortgage performance has to do with changes in the mortgage approval process. Homebuyers are subject to much stricter lending standards, such as higher credit score requirements. These changes ensure that borrowers can meet their payment obligations and are at a lower risk of defaulting and losing their home. Challenges for potential homebuyers Despite the low foreclosure rates, potential homebuyers face significant challenges in the current market. Homebuyer sentiment worsened substantially in 2021 and remained low across all age groups through 2024, with the 45 to 64 age group expressing the most negative outlook. Factors contributing to this sentiment include high housing costs and various financial obligations. For instance, in 2023, ** percent of non-homeowners reported that student loan expenses hindered their ability to save for a down payment.

Mortgage interest rates in Spain soared in 2022, after falling below *** percent at the end of 2021. In the fourth quarter of 2024, the average weighted interest rate stood at **** percent. That was lower than the rate in the same period the previous year. Despite the increase, Spain had a considerably lower mortgage interest rate than many other European countries. The aftermath of the property bubble Before the bursting of the real estate bubble, the housing market experienced a period of intense activity. A context marked by economic growth, high employment rate, low interest rates, skyrocketing house prices and land speculation, among others, encourage massive lending for the acquisition of property; in 2005 alone, more than *** million home mortgages were granted in Spain. When the bubble burst and the financial crisis hit the country, residential real estate transactions plummeted and households’ non-performing loans jumped to nearly ** billion euros as countless families were not able to cope with their debts. Over a decade after the onset of the crisis, and despite falling mortgage rates, the volume of mortgage loans keeps decreasing every year. A homeowner country Traditionally, Spain has been a country of homeowners; in 2021, the homeownership rate was roughly ** percent. While nearly half of Spanish households own their property with no outstanding payment, the percentage of households that have loan or mortgage pending has been decreasing in recent years. Despite ownership remaining as the preferred tenure option, cultural changes, job insecurity and mounting house prices are prompting Spaniards to opt more and more to become tenants instead of owners, as shown in the changing dynamics of the Spanish residential rental market.

In 2023, the average price of real estate in China was approximately ****** yuan per square meter, representing a decrease from the previous year. Rising prices in the real estate market Since the 1998 housing reform, property prices in China have been rising continuously. Housing in the country is now often unaffordable, especially considering the modest per capita income of Chinese households. Shanghai and Beijing even have some of the most competitive real estate markets in the world. The rapid growth in housing prices has increased wealth among homeowners, while it also led to a culture of speculation among buyers and real estate developers. Housing was treated as investments, with owners expecting the prices to grow further every year. Risk factors The expectation of a steadily growing real estate market has created a property bubble and a potential debt crisis. As Chinese real estate giants, such as China Evergrande and Country Garden, operate by continuously acquiring land plots and initiating new projects, which often require substantial loans and investments, a slowdown in property demands or a decline in home prices can significantly affect the financial situation of these companies, putting China’s banks in a vulnerable position. In addition, due to a lack of regulations and monetary constraints, the long-term maintenance issues of high-rise apartments are also a concern to the sustainable development of China’s cities.

During the period beginning roughly in the mid-1980s until the Global Financial Crisis (2007-2008), the U.S. economy experienced a time of relative economic calm, with low inflation and consistent GDP growth. Compared with the turbulent economic era which had preceded it in the 1970s and the early 1980s, the lack of extreme fluctuations in the business cycle led some commentators to suggest that macroeconomic issues such as high inflation, long-term unemployment and financial crises were a thing of the past. Indeed, the President of the American Economic Association, Professor Robert Lucas, famously proclaimed in 2003 that "central problem of depression prevention has been solved, for all practical purposes". Ben Bernanke, the future chairman of the Federal Reserve during the Global Financial Crisis (GFC) and 2022 Nobel Prize in Economics recipient, coined the term 'the Great Moderation' to describe this era of newfound economic confidence. The era came to an abrupt end with the outbreak of the GFC in the Summer of 2007, as the U.S. financial system began to crash due to a downturn in the real estate market.

Causes of the Great Moderation, and its downfall

A number of factors have been cited as contributing to the Great Moderation including central bank monetary policies, the shift from manufacturing to services in the economy, improvements in information technology and management practices, as well as reduced energy prices. The period coincided with the term of Fed chairman Alan Greenspan (1987-2006), famous for the 'Greenspan put', a policy which meant that the Fed would proactively address downturns in the stock market using its monetary policy tools. These economic factors came to prominence at the same time as the end of the Cold War (1947-1991), with the U.S. attaining a new level of hegemony in global politics, as its main geopolitical rival, the Soviet Union, no longer existed. During the Great Moderation, the U.S. experienced a recession twice, between July 1990 and March 1991, and again from March 2001 tom November 2001, however, these relatively short recessions did not knock the U.S. off its growth path. The build up of household and corporate debt over the early 2000s eventually led to the Global Financial Crisis, as the bursting of the U.S. housing bubble in 2007 reverberated across the financial system, with a subsequent credit freeze and mass defaults.

With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

This statistic displays the monthly average value of home purchasing loans in the United Kingdom (UK) from ************** to *********. it can be seen that the monthly average borrowed by those needing a loan for a house purchase increased from 1997 to the financial crisis of 2008. Since then the average value of a loan for house purchasing has once again seen an overall increase with a value of ***** thousand British pounds as of *********.

The average price of Australian residential property has risen over the past ten years, and in December 2024, it reached 976,800 Australian dollars. Nonetheless, property experts in Australia have indicated that the country has been in a property bubble over the past decade, with some believing the market will collapse sometime in the near future. Property prices started declining in 2022; however, a gradual upward trend was witnessed throughout 2023, with minor fluctuations in 2024. Australian capital city price differences While the national average residential property price has exhibited growth, individual capital cities display diverse trends, highlighting the complexity of Australia’s property market. Sydney maintains its position as the most expensive residential property market across Australia's capital cities, with a median property value of approximately 1.19 million Australian dollars as of April 2025. Brisbane has emerged as an increasingly pricey capital city for residential property, surpassing both Canberra and Melbourne in median housing values. Notably, Perth experienced the most significant annual increase in its average residential property value, with a 10 percent increase from April 2024, despite being a comparably more affordable market. Hobart and Darwin remain the most affordable capital cities for residential properties in the country. Is the homeownership dream out of reach? The rise in property values coincides with the expansion of Australia's housing stock. In the December quarter of 2024, the number of residential dwellings reached around 11.29 million, representing an increase of about 53,200 dwellings from the previous quarter. However, this growth in housing supply does not necessarily translate to increased affordability or accessibility for many Australians. The country’s house prices remain largely disproportional to income, leaving the majority of low- and middle-income earners priced out of the market. Alongside this, elevated mortgage interest rates in recent years have made taking out a loan increasingly unappealing for many potential property owners, and the share of mortgage holders at risk of mortgage repayment stress has continued to climb.

Repossessions occur when a borrower fails to repay their loan on time or a tenant is late on their rent, and the lender takes possession of the property. To avoid a spike in repossessions during the coronavirus (COVID-19) crisis, the Financial Conduct Authority (FCA) introduced measures for renters and mortgage borrowers. As a result, the number of repossessions fell to a record low in 2020. In the second quarter of 2024, there were *** repossessions of mortgaged homes and ***** repossessions of rental properties by landlords.